The world’s 10th largest banking group Santander has announced plans to launch international payments using blockchain technology from cryptocurrency firm Ripple.
The multinational banking group plans to launch a new app this spring and aims to be the first large retail bank “to carry out cross-border payments at scale with blockchain technology” provided “no-one beats us to it”.
The new app will allow payments of between £10 and £10,000 to be made, around the clock at any time of the day.
“The need for finance has evolved from providing a physical Pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle.
“At Santander we work hard to ensure our banking is simple, personal and fair and believe new Blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience,” Sigga Sigurdardottir, Head of Customer and Innovation at Santander said.
Cryptocurrency firm Ripple is behind the hugely popular XRP coin and also develops the blockcahin based xCurrent and RippleNet platforms.
“Ripple is redefining the way that value moves around the world, and today we’re already enabling real-time, affordable international settlement between banks who have adopted our solutions.
“As an early adopter and pioneer in the banking industry, Santander is the first bank in the world to transfer real funds externally. In doing so, they are creating a new, exemplary standard of service,” Chris Larsen, Chief Executive Officer at Ripple said.